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The Snuggie made an impact by being seen nationwide on televisions in the United States and priced at roughly $20 for one (Allstar Products, n.d.). Compare that to other products like the Slanket which is a similar product sells for around $30 and can only be found at Slanket.com or purchased from QVC, the home shopping network, is second compared to Snuggie. Slanket sales are estimated at 1 million units compare to Snuggie with their 20 million units (Nobel, 2010), the difference in sales is the approach of each product. The makers of the Slanket decided to appeal to the home shopper market and then retail, which was a far different approach than what AllStar marketed Snuggie. AllStar set out for TV commercials and sell the product cheaper than the Slanket and the rest is history (Nobel,
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Being an entrepreneur is risky. You are the one with the money to lose, that puts in all the time to get the product up and running and in the face of consumers, and the one who has to make all the decisions (e2-p, n.d.). When introducing a new item one can face failure. Will the item be accepted by the consumer, is it an item service, or good that is needed? Time and money can be challenge as well and being able to handle rejection and not let the rejection steer you from the end goal (Lambing & Kuehl, 2007). CEO, Scott Boilen, of Allstar Products had seen similar products in magazine and decided to take on the project of providing the item at a lower cost to millions across the U.S.. Mr. Boilen took a risk, he was not the first one to come up with the idea but he thought of a different way to market the item and it worked for him and Allstar Products (Newman, 2005). What Mr. Boilen did not know is how well the Snuggie would take off and become a hot …show more content…
The entrepreneur has to pitch their product, promote the product and put all the hard work in making sure the consumer knows about their product all while usually working a fulltime job as well. The entrepreneur needs a solid plan but also needs to be able to make changes to this plan if needed. Meaning if someone was asked about funding the project and decided if you could make 20 units of the product by a deadline and sell all 20 to this type of group to be able to get access to the funding, the entrepreneur has to ready to do so. This offer could be the difference for working for themselves or continue working for “the man” (Gordon,
Being an entrepreneur is risky. You are the one with the money to lose, that puts in all the time to get the product up and running and in the face of consumers, and the one who has to make all the decisions (e2-p, n.d.). When introducing a new item one can face failure. Will the item be accepted by the consumer, is it an item service, or good that is needed? Time and money can be challenge as well and being able to handle rejection and not let the rejection steer you from the end goal (Lambing & Kuehl, 2007). CEO, Scott Boilen, of Allstar Products had seen similar products in magazine and decided to take on the project of providing the item at a lower cost to millions across the U.S.. Mr. Boilen took a risk, he was not the first one to come up with the idea but he thought of a different way to market the item and it worked for him and Allstar Products (Newman, 2005). What Mr. Boilen did not know is how well the Snuggie would take off and become a hot …show more content…
The entrepreneur has to pitch their product, promote the product and put all the hard work in making sure the consumer knows about their product all while usually working a fulltime job as well. The entrepreneur needs a solid plan but also needs to be able to make changes to this plan if needed. Meaning if someone was asked about funding the project and decided if you could make 20 units of the product by a deadline and sell all 20 to this type of group to be able to get access to the funding, the entrepreneur has to ready to do so. This offer could be the difference for working for themselves or continue working for “the man” (Gordon,